Accessories- Segment Analysis
Actuators dominated the process automation control market with a major share 35.46% in 2019. Introduction of IoT and automation technologies in various industries set to propel the demand for process automation control valves. In control valves, the actuators can fully rotate its head by 360° which allows flexible installation and optimization. This helps in reducing overall installation cost and optimizes the incorporation of actuators in manufacturing processes, thereby fueling the market growth.
End Use Industry- Segment Analysis
The Food & Beverage (F&B) Industry segment is projected to grow at a CAGR of 8.64% during the forecast period 2020-2025. In this industry, control valves are used mainly for managing steam which is the most critical component in food processing. There has been growing adoption of automation technology in this industry as it is required to maintain critical control points such as hazard Analysis and critical control point (HACCP) to meet safety standards of food safety authorities. Regulations by food and drug administration (FDA) for the valves which come into direct contact with food, in which inside of the valve should be smooth enough to avoid trapping particles or bacterial accumulation have been creating opportunities for the up gradation of food plants with new infrastructure. These types of regulations have been forcing to use aseptic control valves and implement process automation in the food & beverage industry. Monitoring and operating the control valves manually is a difficult task. So, implementing process automation in food and beverage industry to increase the production efficiency is set to fuel the process automation control valves market. The demand for a high degree of consistency in quality of food and beverages is prompting the F&B industry to improve their production processes. These factors are pushing the F&B industry to opt for process automation which is set to drive the process automation control valves market.
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Geography- Segment Analysis
North America region leaded the process automation control valves market in terms of revenue share, and held 36.62% share in 2019 due to technological advancements and growing demand for cutting edge instrument across different industry verticals in the this region. In the U.S., Environmental Protection Agency (EPA) has mandated to limit the use of traditional spring diaphragm actuators in order to reduce greenhouse gas emissions. The replacement of these actuators with pneumatic actuator valves has been reducing methane and volatile organic compounds emissions. Government regulations and early adoption of advanced technologies have been escalating the demand for process automation control valves in this region.
Drivers – Process Automation Control Valves Market
- Adoption of IoT Technology is enhancing the performance of control Valves in process Industries
In the recent years, the processing industries such as oil & gas, chemical and others have started exploiting IoT technology. IoT helps in improving operational efficiency of control valves. There has been increasing demand for adoption of IoT System in industries as this system is integrated with smart valves which are equipped with intelligent control systems, wireless vibration sensors and embedded processors. These sensors send notifications and data to a centralized monitoring system. In addition to these, IoT is also used for real time remote access, predictive control valve maintenance. Thus, IoT can be applied to improve the performance and efficiency of control valves, which in turn, will save maintenance costs and create a more secure work environment, thereby fueling the process automation control valves industry.
- Advancements in Technology
Advancements in technology have created innovative solutions that can help process plants to become increasingly more efficient through streamlining of their operations. Incorporating sensor technology to control valves in order to provide safe operation along with high performance in industries is creating demand for process automation. Another technology digital field bus protocol has been playing crucial role in manufacturing industries. Industrial field bus network systems are used to connect instruments in manufacturing plants that require considerably less wiring. Adoption of advanced technologies in manufacturing industries for controlling the valves is set to drive the process automation control valves market size.
Challenges – Process Automation Control Valves Market
The major challenge for process automation control valves is the high cost for investment. Implementing a process automation solution for control valves involves a considerable initial investment. However, this factor should be contrasted to the benefits in terms of productivity and compliance. The initial investment associated with switching from a human production line to an automatic production line is very high. Also, substantial costs are involved in training employees to handle this new sophisticated equipment is hampering growth of the process automation control valves market.
Acquisitions, Partnerships and R&D activities are key strategies adopted by players in the process automation control valves market. Process automation control valves top 10 companies include Emerson Electric Co, Flowserve Corporation, Weir Group, Curtiss-Wright Corporation, Honeywell International Inc, Schlumberger Limited, IMI plc, Crane Co, KITZ Corporation, Metso Corporation, Samson controls, and others.
- In February 2019, Emerson Electric Co had acquired General Electric’s intelligent platform business. The addition of Intelligent Platforms such as programmable logic controller (PLC) technologies enabled the company as one of the global leader in automation for process and industrial customers. This acquisition had enabled Emerson in strengthening its global footprint in automation and expands the leadership position in industries such as such as chemical, refining, mining, power, and oil and gas.
- In February 2019, Rockwell Automation and Schlumberger had entered in to an agreement in order to create a new joint venture Sensia, fully integrated oil field automation solution provider. This enable both the companies in strengthening their process automation business thereby increasing the market share of the companies.